Saudi Arabia to work closely with USA on nuclear power plans

OPEC kingpin Saudi Arabia said Wednesday that its huge oil reserves, already the second largest in the world behind only Venezuela, are even bigger than previously thought.

Further easing concerns of global oversupply, U.S. commercial crude oil inventories decreased by 1.7 million barrels from the week ending January 4, the U.S. Energy Information Administration reported on Wednesday, which marked the biggest fall since November 2018. There will be a further cut of 1,00,000 barrels in February.

Falih said Saudi production had fallen to 10.2 million bpd, down from the roughly 11 million bpd it was pumping when oil producers made a decision to end a production cut deal in May.

As for the Saudi Arabia cuts, Martin Essex, analyst at Daily FX, said in a report sent to UPI that the market was optimistic that it could help reduce supply.

Al-Falih played down chatter in the market that Aramco would fund the entire US$70 billion Sabic deal with the bond offering.

Saudi Arabia previously announced that oil and gas reserves as of December 31, 2017 were 266.3 billion barrels of oil and 307.9 trillion standard cubic feet of gas respectively. "We have seen peaks and drops in prices completely unjustified by the fundamentals".

For nearly 30 years - despite rising production, large swings in oil prices and improved technology - Riyadh has annually reported the same number for reserves at around 261 billion barrels, according to a statistical review by BP BP.L .

Saudi Arabia said the new figures have been backed by an independent third-party certification by leading consultants DeGolyer and MacNaughton (D&M).

The funding programme "will be sustained over time as Saudi Aramco grows and undertakes its capital programme", Mr Al-Falih said. "This reflects the continued direction and support provided to the Saudi petroleum industry by Custodian of the Two Holy Mosques King Salman and Crown Prince Muhammad Bin Salman, deputy premier and minister of defense", Al-Falih said.

A trade agreement could mitigate the global economic slowdown and keep global oil demand high; however, failure to reach a deal would worsen economic growth prospects and keep a downward pressure on oil demand and prices, according to experts.

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